Venture Card Decline - Frustrated by this- UPDATE

[SouthJamaica]

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@Anonymous wrote:

Hi all!

Long time viewer, First time poster.....First I want to say THANK YOU for all the posts.  All the knowledge I have gained on these forums has been extremely helpful in my rebuild.  Based on what I have learned, I applied for the Venture card (thinking I had nothing to worry about mind you).   I currently have 8 cards, overall utilization around 30% - My highest credit line is with Chase for $4100.  HH income around $160K Zero baddies on my report (never late on a payment, always paid more than minimum, etc.) Mu oldest card is about 18 months old with the majority of my cards being obtained in the past 12 months.  I do have a bunch of inquiries (EQ 12 TU 11 EX 17) in the past 12 months, but that's to be expected when you are trying to build your file, right????  Anyway I finally pulled the trigger on Venture card and I get a decline - I wait for my letter and the reason they provided was that I don't have any credit cards with high limits already.  What kind of reason is that????  Called to speak to a credit rep and she agreed the reasoning was odd, reviewed my credit report and saw nothing to warrant the decline however, when she researched the reason they gave me so could not find any thing or provide any suggestions how to get passed this decline.  I originally app'd for the card because I am a heavy traveler, and my file could really benefit from having a higher CL - I tend to max my cards with travel, and pay them off but I continually get high balances reported.  Any experience with reconsideration's? suggestions on how I should approach??  Really appreciate the forum expertise!!  

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The best way to seek recon with Capital One is to make a written request to their Executive Offices either by email or on their facebook page; you will get a sympathetic review from them.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

One more point - While I do spend $4-$5K per month on the chase card, they can't see that because I use/pay off, use/pay off.  I guess I should probably garden for a while huh?

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If you're talking about Chase, they can see how much you're using the card every month no matter how often you pay. If you were talking about Cap1, they can see your highest balance ever on that card because it shows on your credit report. If you're paying what you charge on a weekly basis (so lower amounts), I'm not sure how that would show on your report. Maybe you could just let the balance add up and make 1 large payment before statement cuts? I don't know, I'm just guessing here.

As for the reason for your denial, everyone else is correct - you need to have experience with a card that has a CL of "at least" 5k. So yes, I would try to get a CLI on your Chase card, wait a few months, and then try for the Venture again.

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I was talking about Capital One - and I believe the highest balance ever reported on my CR by Chase was $4100 which was the max on my CL.  Just don't know if Cap puts that into consideration (that I have maxed and paid down/off).  Think I will pursue the CLI with Chase and see how that helps.  Thanks for all the advice!

[Anonymous]

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@Anonymous wrote:

I don't have experience with reconing with Capital one. But my first  $5000 card was my Venture. I did have other experience with Capital one though. Do you have other Cap1 cards? If I were you, I would apply for the Venture 1 and then upgrade in a couple months.

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I do have other cards with Capital one, although not high limits they are currently not carrying a balance.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

Hi all!

Long time viewer, First time poster.....First I want to say THANK YOU for all the posts.  All the knowledge I have gained on these forums has been extremely helpful in my rebuild.  Based on what I have learned, I applied for the Venture card (thinking I had nothing to worry about mind you).   I currently have 8 cards, overall utilization around 30% - My highest credit line is with Chase for $4100.  HH income around $160K Zero baddies on my report (never late on a payment, always paid more than minimum, etc.) Mu oldest card is about 18 months old with the majority of my cards being obtained in the past 12 months.  I do have a bunch of inquiries (EQ 12 TU 11 EX 17) in the past 12 months, but that's to be expected when you are trying to build your file, right????  Anyway I finally pulled the trigger on Venture card and I get a decline - I wait for my letter and the reason they provided was that I don't have any credit cards with high limits already.  What kind of reason is that????  Called to speak to a credit rep and she agreed the reasoning was odd, reviewed my credit report and saw nothing to warrant the decline however, when she researched the reason they gave me so could not find any thing or provide any suggestions how to get passed this decline.  I originally app'd for the card because I am a heavy traveler, and my file could really benefit from having a higher CL - I tend to max my cards with travel, and pay them off but I continually get high balances reported.  Any experience with reconsideration's? suggestions on how I should approach??  Really appreciate the forum expertise!!  

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The best way to seek recon with Capital One is to make a written request to their Executive Offices either by email or on their facebook page; you will get a sympathetic review from them.

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Tried the FB route, they told me to check my CR and make sure it was accurate (what a joke).  I told them i view my CR monthly and there are no errors - they ignored me after that.....).  

[Countingpennies]

How long have you had the 2 CapOne cards? Have you tried for a CLI on those? You can do it online, no HP.

I agree about your Synch cards, call and ask for a CLI, if they ask how much, I'd ask for $10k.

[Anonymous]

You could google the EO's email address... probably better luck than on FB..

[Anonymous]

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@Countingpennies wrote:

How long have you had the 2 CapOne cards? Have you tried for a CLI on those? You can do it online, no HP.

I agree about your Synch cards, call and ask for a CLI, if they ask how much, I'd ask for $10k.

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I have had both the CapOne cards for about 18 months.  The Luv button never offers much so I usually turn it down.  I think I am going to wait until the 1st of April when my balances report lower and go for a CLI on my Chase card.  

[Anonymous]

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@Anonymous wrote:

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@Countingpennies wrote:

How long have you had the 2 CapOne cards? Have you tried for a CLI on those? You can do it online, no HP.

I agree about your Synch cards, call and ask for a CLI, if they ask how much, I'd ask for $10k.

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I have had both the CapOne cards for about 18 months.  The Luv button never offers much so I usually turn it down.  I think I am going to wait until the 1st of April when my balances report lower and go for a CLI on my Chase card.  

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I didn't realize you already had an 18 month history with Cap1. How often are you using your Cap1 cards? Cap1 likes heavy usage and large payments. My guess is that maybe the denial wasn't really about not having a 5k card (as others reported not having 1 when they got approved), but rather your internal score or history with Cap1?

[Anonymous]

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@Anonymous wrote:

Hi all!

Long time viewer, First time poster.....First I want to say THANK YOU for all the posts.  All the knowledge I have gained on these forums has been extremely helpful in my rebuild.  Based on what I have learned, I applied for the Venture card (thinking I had nothing to worry about mind you).   I currently have 8 cards, overall utilization around 30% - My highest credit line is with Chase for $4100.  HH income around $160K Zero baddies on my report (never late on a payment, always paid more than minimum, etc.) Mu oldest card is about 18 months old with the majority of my cards being obtained in the past 12 months.  I do have a bunch of inquiries (EQ 12 TU 11 EX 17) in the past 12 months, but that's to be expected when you are trying to build your file, right????  Anyway I finally pulled the trigger on Venture card and I get a decline - I wait for my letter and the reason they provided was that I don't have any credit cards with high limits already.  What kind of reason is that????  Called to speak to a credit rep and she agreed the reasoning was odd, reviewed my credit report and saw nothing to warrant the decline however, when she researched the reason they gave me so could not find any thing or provide any suggestions how to get passed this decline.  I originally app'd for the card because I am a heavy traveler, and my file could really benefit from having a higher CL - I tend to max my cards with travel, and pay them off but I continually get high balances reported.  Any experience with reconsideration's? suggestions on how I should approach??  Really appreciate the forum expertise!!  

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I just apped for Venture One and Venture. Got the same thing. They said I don't  have experience with high limits. That was it. Atleast I apped back to back and they only pulled EX & EQ.